SWP
Prices still hold due to ongoing tightness in the concentrated proteins
Europe
SWP market feels somewhat weaker but price erosion is still limited
Price levels in feed whey have not materially changed. Offers are around EUR 985 delivered Netherlands, but this does not seem realistic as buyside interest is as low as EUR 920-940. Liquid whey availability is very strong at the moment which is also hardly supportive for price levels. Food whey is traded at EUR 975-1130 ex works. Which is still quite high, especially compared to SMP where SWP competes with in several markets.
Americas
Tight supply stabilizes the market at higher price levels
Compared to last month US SWP trades at higher price levels of about USD 0.63/lb (1390/t) ex works. High returns in the whey concentrates limit the allocation of liquid whey to the dryers despite the current strong milk production. Demand is slow as well which limits the upward pressure. The WPC-80/WPI market remains as tight as it has been for months. Prices moved even higher which more or less killed the exports to the EU as the price gap narrowed considerably.
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